Why was this legislation brought in?

Why was this legislation brought in?

Mike Ockenden (Director General) gives expert video advice on: As a buyer what does a HIP mean to me?; As a seller what does a HIP mean to me?; What are the benefits of the home information pack? and more...

We have a broken process of buying and selling homes, in short, in England and Wales. Roughly one in four transactions will fail between acceptance of an offer and the exchange of contracts, before the sale or purchase goes through. On average, it takes nearly six months for a transaction in the present system for people to buy and sell homes. It's an extremely stressful time because of that. Because of the waste in transactions, we consumers pay about £1 million a day in costs, which are totally redundant.